UK-based residential energy storage firm Moixa has been awarded GBP267,750 ($350,771) in government ‘entrepreneurial funding’ to expand its ‘GridShare’ cloud-based virtual power plant.
Moixa said the funds from the Department for Business, Energy and Industrial Strategy’s Energy Entrepreneur Fund would be used to develop GridShare, “which aggregates batteries to reduce costs and enable more renewable generation”.
CEO Simon Daniel (pictured) said the funds “will put us well on course towards our 2020 target of aggregating 200MWh of battery capacity to support a low-carbon, cost-effective smart grid”.
Moixa has set a target of installing batteries in 50,000 UK homes and managing twice as many on GridShare by 2020. The company said managing household batteries “helps inform how to manage potential flexibility from behind the meter household batteries, through to electric vehicles and a wide range of Internet of Things (IoT) devices”.
The government funding follows investments of GBP2.5m Moixa secured earlier this year. The lion’s share of that funding, GBP1.5m, came in equity investment including GBP500,000 from Japan’s Tokyo Electric Power Company and a further GBP500,000 from venture capital investment firm First Imagine Ventures.